Global Markets: Markets volatile amid Washington chaos

By Commodity News Services Canada

WINNIPEG, Dec. 28 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– It was a wild day of trading on the major United States stock markets on Thursday. After suffering losses for most of the day, rallies saw increases of 0.38 per cent on the NASDAQ, 0.86 per cent on the S&P500 and 1.14 per cent on the Dow Jones.

– The standoff between U.S. president Donald Trump and Democrats in Congress won’t end before the New Year, continuing the partial shutdown of the U.S. government. Trump has been determined to get US$5 billion earmarked in a new spending bill for a wall along the U.S./Mexican border. In opposing the wall Democrats offered US$1.3 billion for increased spending on border security, but Republicans rejected it. Congress is scheduled to meet Monday, but no votes on legislation have been scheduled.

– A meeting between U.S. Federal Reserve chair Jerome Powell and Trump is being organized. In recent days Trump has been highly critical of Powell, who increased the prime lending rate before Christmas. The feuding between the Federal Reserve and the White House has created volatility in the stock markets.

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